HSBC: cost reductions in Equity business in Europe?
(CercleFinance.com) - British Banking giant HSBC may partially withdraw from equity trading in certain Western markets, Bloomberg says.
This downscaling is expected to concern sales and trading units in France, Germany, the US and the UK, the press agency says.
The equity business in Asia would not be affected by these cost reductions, however, Aurel BGC points out. The bank generates most of its earnings in the Chinese region, it says.
This downsizing could involve high-paying jobs, while the group has double-digit returns in parts of Asia.
Remember that Noel Quinn, HSBC's acting CEO, is considering a downsizing plan of about 10,000 additional jobs.
His predecessor, John Flint, who resigned in early August after just 18 months at the helm of the British banking institution, had already decided to lay-off 4,700 staff.
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